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SonnenEnergy Files Final Prospectus for Public Offering

- Following completion of the offering and concurrent acquisition of
SonnenEnergie GmbH, company would be the first German listing on a
Canadian stock exchange
TORONTO, Nov. 13 /CNW/ - SonnenEnergy Corp. (TSXV: PWR.P) (SonnenEnergy),
a Capital Pool Company, today announced that it has filed a final prospectus
and obtained a receipt for it from the securities regulatory authorities in
Alberta, British Columbia, and Ontario for the offering of a minimum
12 million Units and a maximum 24 million Units in the capital of
SonnenEnergy.
The offering is being made at a price of $0.50 per Unit to raise gross
proceeds of a minimum of $6 million to a maximum of $12 million. Each
SonnenEnergy Unit will consist of one common share of SonnenEnergy and a
warrant to acquire one SonnenEnergy Share at a price of $0.80 during the
18-month period following the date of closing of the offering. Closing of the
offering is expected on or about November 22, 2007.
M Partners Inc. is acting as lead agent for the offering on a
reasonable-efforts basis.
Concurrent with the offering, SonnenEnergy will complete its previously
announced planned acquisition of all of the shareholding interests in the
capital of SonnenEnergie GmbH, headquartered in Polling, Germany. This
acquisition will constitute SonnenEnergy's capital pool qualifying transaction
pursuant to the policies of the TSX Venture Exchange Inc. Completion of the
acquisition is conditional on obtaining all necessary regulatory approvals,
and satisfying other conditions that are typical for a share exchange
transaction of this type.
Following completion of the acquisition, SonnenEnergy Corp. will be an
established photovoltaic solar power systems integrator and producer.
SonnenEnergy will use the net proceeds from the Unit offering primarily
to plan and build additional solar parks and for commercial sale, as well as
for funding its expansion into new markets, further research and development,
sales and marketing, and other working capital purposes.
The completion of the acquisition of SonnenEnergie GmbH by SonnenEnergy
will be a milestone development for Canada's capital markets as it will be the
first time that a German-based company has listed on a Canadian stock
exchange.
"Since founding SonnenEnergie in 2004, we have accomplished a great deal.
We already have installed more than 100 photovoltaic solar power commercial
and residential systems and operate four solar parks in southern Germany with
total installed capacity of more than 4,000 kWp," said Hans Hager, Managing
Director of SonnenEnergie and who will serve as Chief Operating Officer and a
director of SonnenEnergy Corp.
"The completion of our acquisition by SonnenEnergy and the financing will
position our company for further growth in Germany, elsewhere in Europe, and
potentially in other markets, including North America. The solar energy
industry is still in its relatively early stages of development and is growing
rapidly, reflecting the global demand for renewable and clean energy sources.
I have been focusing on renewable energy since the 1990s and am truly excited
by the opportunities available to companies such as SonnenEnergy.
"We are particularly pleased to note that with the completion of this
transaction, SonnenEnergy will be the first German company to have listed on a
Canadian stock exchange. I hope that other German companies will follow, as we
have found a welcoming marketplace and look forward to dealing with our new
investors," Mr. Hager said.
About SonnenEnergy
Following completion of the acquisition of SonnenEnergie GmbH,
SonnenEnergy Corp. will be a company that markets, sells, designs, installs,
operates, and maintains grid-connected solar power systems and that has
installed more than 100 photovoltaic (PV) solar power commercial and
residential systems since 2004. SonnenEnergie GmbH, founded in 2004, is
headquartered in Polling, Germany. It currently operates four solar parks in
southern Germany (three that it built and maintains for commercial customers
and one that it operates for its own account) which have total installed
capacity of more than 4,000 kWp.
Forward-looking statements in this news release are based on current
expectations that are subject to significant risks and uncertainties. Actual
results might differ materially due to various risks and uncertainties as
described in the company's amended and restated preliminary prospectus
available at www.sedar.com. Such risks and uncertainties include, but are not
limited to, the retention of key personnel, its dependence on suppliers for
components for the systems that it designs and installs, the availability of
silicon, its ability to expand sales, technology changes, unexpected warranty
expenses or service claims, and its ability to meet its clients' expectations.
SonnenEnergy assumes no obligation to update any forward-looking statement or
to update the reasons why actual results could differ from such statements.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the
proposed transaction and has neither approved nor disapproved of the
contents of this press release.
%SEDAR: 00024825E